The Spain U21 international, who helped his country to European U21 Championship success on Tuesday, has admitted to receiving offers from Manchester City and Real Madrid.
Two European heavyweights are ready to slug it out for Isco's signature, but they will also need to reach an agreement with his current employers for a transfer to be pushed through.
Malaga appreciate that talks are inevitable, but have made it clear that they will hold out for the best possible price.
Isco has a clause in his contract which requires interested parties to put €35million (£30m) on the table before discussions can begin, and vice-president Moayad Shatat says that fee will have to be matched if one of Spain's brightest young stars is to be on the move this summer.
"He's a magnificent player, very important to us and if the offers do not match what we are looking for then we will not sell the player," Shatat told reporters at the unveiling of new Malaga coach Bernd Schuster.
"We will only sell for the right price, and that price has been set.
"We have no need to sell if the price is not right."
Source: Manchester City MAD